GRANDVIEW INVESTMENT TRUST
24F-2NT, 1997-05-29
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                     U.S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 24F-2
                        Annual Notice of Securities Sold
                             Pursuant of Rule 24f-2

Read instructions at end of Form before preparing Form
Please print or type.

1.   Name and address of issuer:

         GrandView Investment Trust
         105 North Washington Street, Post Office Drawer 69
         Rocky Mount, North Carolina  27802-0069

2.   Name of each series or class of funds for which this notice is filed:
 
         GrandView REIT Index Fund
         GrandView Realty Growth Fund
         GrandView Healthcare Realty Income Fund
 
3.   Investment Company Act File Number:

         811-8978

     Securities Act File Number:

         33-89628

4.   Last day of fiscal year for which this notice is filed:

         March 31, 1997

5.   Check box if this  notice is being filed more than 180 days after the close
     of the issuer's fiscal year for purposes of reporting securities sold after
     the close of the fiscal year but before  termination  of the issuer's 24f-2
     declaration:

         [  ]

6.   Date of  termination of issuer's  declaration  under rule  24f-2(a)(1),  if
     applicable (See instruction A.6):


7.   Number and amount of  securities of the same class or series which had been
     registered  under the  Securities  Act of 1933 other than  pursuant to rule
     24f-2 in a prior fiscal year, but which remained unsold at the beginning of
     the fiscal year:

         0

8.   Number and amount of  securities  registered  during the fiscal  year other
     than pursuant to rule 24f-2:

         0

9.   Number and aggregate sale price of securities sold during the fiscal year:

         247,996.135 shares               Price = $3,104,433.26

10.  Number and aggregate  sale price of securities  sold during the fiscal year
     in reliance upon registration pursuant to rule 24f-2:

         247,996.135 shares               Price =  $3,104,433.26

11.  Number and aggregate sale price of securities issued during the fiscal year
     in  connection  with  dividend   reinvestment  plans,  if  applicable  (see
     Instruction B.7):

         DRIP included in the securities reported under item 9

12.  Calculation of registration fee:

     (i)   Aggregate sale price of securities sold during          $3,104,433.26
           the fiscal year in reliance on rule 24f-2       _____________________
           (from Item 10):

     (ii)  Aggregate price of shares issued in connection      (included in (i))
           with dividend reinvestment plans (from Item     _____________________
           11, if applicable):

     (iii) Aggregate price of shares redeemed or                  -$1,222,510.62
           repurchased during the fiscal year (if          _____________________
           applicable):

     (iv)  Aggregate price of shares redeemed or                              -0
           repurchased and previously applied as a         _____________________
           deduction to filing fees pursuant to rule
           24e-2 (if applicable):

     (v)   Net aggregate price of securities sold and              $1,881,922.64
           issued during the fiscal year in reliance on    _____________________
           rule 24f-2 [line (i), plus line (ii), less
           line (iii), plus line (iv)] (if applicable):

    (vi)   Multiplier prescribed by Section 6(b) of the                 x 1/3300
           Securities Act of 1933 or other applicable law  _____________________
           or regulation (see Instruction C.6):

   (vii)   Fee due [line (i) or line (v) multiplied by
           line (vi)]:                                                   $570.28
                                                           =====================

Instruction:  Issuers should complete lines (ii),  (iii),  (iv), and (v) only if
     the for is being  filed  within 60 days  after  the  close of the  issuer's
     fiscal year. See Instruction C.3.


13.  Check box if fees are being remitted to the Commission's lockbox depository
     as described in section 3a of the Commission's  Rules of Informal and other
     Procedures (17 CFR 202.3a).

         [ X ]

     Date of mailing or wire transfer of filing fees to the Commission's lockbox
     depository:

         May 29, 1997

                                   SIGNATURES

This  report has been  signed  below by the  following  persons on behalf of the
issuer and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ C. Frank Watson III
                          C. Frank Watson III
                          Secretary

Date     May 29, 1997

*Please print the name and title of the signing officer below the signature.



                                  May 29, 1997

GrandView Investment Trust
105 North Washington Street
Post Office Drawer 69
Rocky Mount, North Carolina  27802-0069

Ladies and Gentlemen:

This opinion is being  delivered  to you in  connection  with your  Registration
Statement on Form N-lA under the Securities Act of 1933, as amended, under which
you have  registered  an  indefinite  number of shares  of  beneficial  interest
pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended.  In
particular,  this opinion  relates to the notice which you are filing under Rule
24f-2  ("Rule  24f-2  Notice")  which makes  definite in number the  247,996.135
shares of  beneficial  interest  which you sold in the year ended March 31, 1997
(the "Shares")  (102,540.735  shares of GrandView  REIT Index Fund,  130,015.999
shares of  GrandView  Realty  Growth  Fund and  15,439.401  shares of  GrandView
Healthcare Realty Income Fund.)

We have made such inquiry of your  officers and trustees and have  examined such
corporate  documents,  records and  certificates  and other  documents  and such
questions of law as we have deemed necessary for the purposes of this opinion.

In  rendering  this  opinion,  we have  relied,  with your  approval,  as to all
questions  of fact  material  to  this  opinion,  upon  certificates  of  public
officials and of your officers and have assumed,  with your  approval,  that the
signatures on all documents examined by us are genuine,  which facts we have not
independently verified.

Based upon and subject to the  foregoing,  we are of the opinion that the Shares
were legally and validly issued, fully paid and nonassessable.

With  respect  to the  opinion  stated  above,  we wish to  point  out  that the
shareholders of a Massachusetts business trust may, under some circumstances, be
subject to  assessment  at the instance of creditors to pay the  obligations  of
such trust in the event that its assets are insufficient for the purpose.

We hereby  consent to your  attaching  this opinion to the Rule 24f-2 Notice and
making it a part thereof.  In giving such consent,  we do not thereby admit that
we come within the category of persons whose consent is required under Section 7
of the Securities Act of 1933, as amended,  or the rules and  regulations of the
Securities and Exchange Commission thereunder.

Very truly yours,

POYNER & SPRUILL, L.L.P.


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